For those of you that follow politics and the economy, read the following and try to explain how the Obama recovery plan that is apparently modeled after Japan will work to the benefit of U.S. citizens.
Is this the change we voted for?
…Japan’s economy grow anemically over that decade, but as the nearby chart shows, its national debt exploded. Only in this decade, with a monetary reflation and Prime Minister Junichiro Koizumi’s decision to privatize state assets and force banks to acknowledge their bad debts, did the economy recover.
Yet recent governments have rolled back Mr. Koizumi’s reforms and returned to their spending habits. But Japan does have better roads. Now we’re told that a similar spending program – a new New Deal – will revive the U.S. economy. How do you say “good luck” in Japanese?